Current Affairs - National - Discussion

The Centre has announced that it is to issue all the pending income-tax refunds up to Rs.5 lakh immediately. The move by the Centre is to provide immediate relief to the business entities and individuals.An income tax (I-T) refund is due to a taxpayer/individual when the tax deducted from his/her income in a particular financial year is higher than his/her total income tax liability. The I-T refunds will benefit around 14 lakh taxpayers across India.